Updated with some Warren Buffett and Goldman Sachs: "The Fed’s Secret Liquidity Lifelines": Wachovia Corporation and Wells Fargo & Company

http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending/#/compare/?comparelist=Wachovia_Corp-Wells_Fargo_%2526_Co

If Warren Buffet invested billions in a couple of banks during the financial crisis,

did he know about the secret loans when he invested the money?

If he didn't know, should he have?

If he did know...?

http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending/#/overview/?sort=nomPeakValue&group=none&view=peak&position=0&comparelist=Wachovia_Corp-Wells_Fargo_%2526_Co&search=

Berkshire to invest up to $10 billion in Goldman Sachs

Buffett may be lured by stabilized business model of Wall Street firm

September 24, 2008

http://www.bloomberg.com/data-visualization/federal-reserve-emergency-lending/#/Goldman_Sachs_Group_Inc/?total=true&mcp=true&mc=true&taf=false&cpff=false&pdcf=false&tslf=false&stomo=false&amlf=false&dw=false/

Did Warren get permission to say he didn't know?

Did the banks?

Insider Trading

Insider trading involves the purchase or sale of securities of a company 

or other entity while in possession of material, nonpublic information

(also called “inside information”) about the company or entity.

1. Material Inside Information - “Inside” or “nonpublic information”

is information about a business organization

that is not generally available to or known by the public.

Such information is considered to be “material”

if there is a likelihood that it would be considered important

by an investor in making a decision to buy or sell a company’s securities… 

Director Code of Ethics

Wells Fargo & Company